Hi,
The only difference between MA and MR is MA is taxable and MR is tax exempted for the bills given and for the balance it will be taxable.
For example MR for a Month is 1250 and if an employee produces bill for 1000 rs towards May'06 Salary he will be paid only 1000 and the balance 250 will be carried forward to next month. Next month he can produce bill for 1500 and can get the salary. If an employee doesn't provide any bill he will not be getting on that month.
Hope this would have given some clarity.
Regards
J A Xavier
Human Resources
From India, Madras
14The only difference between MA and MR is MA is taxable and MR is tax exempted for the bills given and for the balance it will be taxable.
For example MR for a Month is 1250 and if an employee produces bill for 1000 rs towards May'06 Salary he will be paid only 1000 and the balance 250 will be carried forward to next month. Next month he can produce bill for 1500 and can get the salary. If an employee doesn't provide any bill he will not be getting on that month.
Hope this would have given some clarity.
Regards
J A Xavier
Human Resources
From India, Madras
Hi all,
I am an MBA student , Specializing in HR.
Your inputs were of great help to me. Now I can understand why my professor always takes medical allwance as 15000, while explaining tax benefits.
:D
Regards
Preeti
From United States, Chicago
I am an MBA student , Specializing in HR.
Your inputs were of great help to me. Now I can understand why my professor always takes medical allwance as 15000, while explaining tax benefits.
:D
Regards
Preeti
From United States, Chicago
I agree with Anil Anand.
However, some companies have a practice of giving unlimited medical reimbursement (supported by proofs), especially to senior employees. In this case, any amount beyond Rs.15, 000/- is considered as an allowance and is fully taxable.
Alternately, if one has been promised as a part of his / her CTC, Rs.15,000/- as Medical reimbursement and he / she is able to provide proofs for an amount less than Rs.15,000/-, than the balance unsupported amount is payable to the employee at the end of the financial year as a taxable component.
Hope this helps you.
Regards
Sujata
email:sujata.swamy@pidilite.com
However, some companies have a practice of giving unlimited medical reimbursement (supported by proofs), especially to senior employees. In this case, any amount beyond Rs.15, 000/- is considered as an allowance and is fully taxable.
Alternately, if one has been promised as a part of his / her CTC, Rs.15,000/- as Medical reimbursement and he / she is able to provide proofs for an amount less than Rs.15,000/-, than the balance unsupported amount is payable to the employee at the end of the financial year as a taxable component.
Hope this helps you.
Regards
Sujata
email:sujata.swamy@pidilite.com
Hi , Is there any supporting rule like Income tax or some other by which we justify the Medical reimbursment of doctor consultation.
From India, Mumbai
From India, Mumbai
1) What does Medical Allowances covers?
a) like 15,000 rs Mediclam bills
OR
15,000 rs medical stores bills
OR
without any medical store bills or mediclaim bill 15,000 rs is exemted.
b) If Yes, i have to show bill any one bills of 15,000 rs and then only 15,000rs will become tax free.
Than my question is if i dont come under tax bracket do i have to still show the bills?
2) Do company deducts 1250rs every month as a Medical reimbursements and only give you back when you give bills of 1250*12?
3) What is Medical reimbursements? does it comes after medical allowance like
(assuming that In Medical Allowances I have shown bills of 15,000rs of medical store and my 15,000 became tax free.
Now If i show a bill of 15,000rs again in medical reimbursements too. then more 15,000rs will be exemted)
4) If i dont come under tax bracket does company deducts 1250*12 rs from you account and refunds you when you give bills?
From India
a) like 15,000 rs Mediclam bills
OR
15,000 rs medical stores bills
OR
without any medical store bills or mediclaim bill 15,000 rs is exemted.
b) If Yes, i have to show bill any one bills of 15,000 rs and then only 15,000rs will become tax free.
Than my question is if i dont come under tax bracket do i have to still show the bills?
2) Do company deducts 1250rs every month as a Medical reimbursements and only give you back when you give bills of 1250*12?
3) What is Medical reimbursements? does it comes after medical allowance like
(assuming that In Medical Allowances I have shown bills of 15,000rs of medical store and my 15,000 became tax free.
Now If i show a bill of 15,000rs again in medical reimbursements too. then more 15,000rs will be exemted)
4) If i dont come under tax bracket does company deducts 1250*12 rs from you account and refunds you when you give bills?
From India
Good Morning,
For purpose of Medical Reimbursement (Rs.15000 pa), I require to know which types of Bills are exempt from Tax. If anyone has created a list - would they kindly share it with us?
Specifically would like to check for Dental treatment Bills for Silver fillings and Bills for purchase of Spectacles worth more than Rs.2000/-
Thank in advance ..
Warm regards,
Deena Jagasia
From India, Mumbai
For purpose of Medical Reimbursement (Rs.15000 pa), I require to know which types of Bills are exempt from Tax. If anyone has created a list - would they kindly share it with us?
Specifically would like to check for Dental treatment Bills for Silver fillings and Bills for purchase of Spectacles worth more than Rs.2000/-
Thank in advance ..
Warm regards,
Deena Jagasia
From India, Mumbai
Hi,
Kindly clarify my query -
I receive 1250/- p.m. as Medical Allowance with my salary. When I tried submitting my medical store bills to my company, they refused to accept those. I was told to claim the exemption at the time of uploading my return.
How am I supposed to do the same...?
From India, Visakhapatnam
Kindly clarify my query -
I receive 1250/- p.m. as Medical Allowance with my salary. When I tried submitting my medical store bills to my company, they refused to accept those. I was told to claim the exemption at the time of uploading my return.
How am I supposed to do the same...?
From India, Visakhapatnam
Hi..
Can any one help me what is the medical allowance amount for Financial Year 2015-16.
and The medical allowance + Health insurance both are same or not. totally i'm confusion. if it's different then let me know how much amount. some body is saying that its increased from 15 k to 25k PA. and some body is saying that no no it's 15k only.
Regards
Chandru
From India, Bangalore
Can any one help me what is the medical allowance amount for Financial Year 2015-16.
and The medical allowance + Health insurance both are same or not. totally i'm confusion. if it's different then let me know how much amount. some body is saying that its increased from 15 k to 25k PA. and some body is saying that no no it's 15k only.
Regards
Chandru
From India, Bangalore
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